Innovate Finance - FinTech industry body

A new industry body designed to unify and accelerate growth in technology-led financial services innovators has launched.

Lending Works is pleased to be a founding member of the body, which was unveiled by George Osborne, Chancellor of the Exchequer, on 6 August 2014. The launch is intended to cement Britain as a global leader of the Financial Services Technology (FinTech) sector.

Mr Osborne said: “I want the UK to lead the world in FinTech. We have all the ingredients we need. With the right help from government, we can turn London into the FinTech capital of the world. We will ensure a regulatory environment that gives FinTech companies and alternative finance lenders the ability to innovate.”

Specific actions he announced include:

£100m of funding for FinTech businesses

A review of the FinTech sector to highlight key growth areas

New legislation meaning banks will be required to forward customers they have declined to alternative lenders

Innovate Finance is backed by the City of London Corporation (lead sponsor) and Canary Wharf Group Plc (founding sponsor), who have together funded £600,000 to support its launch. Other supporters include UK Trade & Investment.

The founding members of the body are broad in their demographic, however they have one common goal - to use technology innovation to advance financial services. Included within the founding members are banks, global insurance companies and financial innovators such as Lending Works.